Wyoming Taxes 2012

Here we will discuss the process of tax collection and imposition of taxes on citizens in the state of Wyoming.

Wyoming Income Tax

• There is no corporate or personal income tax collected in the state of Wyoming.
• Retirement income and income received from outside Wyoming is also not taxed by the state.

Wyoming Sales Tax

• The rate of sales tax levied in the state of Wyoming is 4%.
• There are 49 sales tax exemptions extended by the Department of Revenue in Wyoming.
• There is an extra 1% collected by counties under the heading of a general purpose tax and a further 0.25% as economic development tax.
• Additionally, there is a “county lodging tax” which ranges from 2% to 4%.
• Out-of-state purchases are also taxed at the rate of 4%. For filing returns of this category of sales, Form 14, Consumer Use Tax Return needs to be completed.

Wyoming Property Tax

• The Ad Valorem Tax Division of the Department of Revenue in Wyoming is responsible for the support, training and guidance of local government agencies for carrying out a uniform assessment, valuation and taxation of property throughout the state.
• Any residence or additional structures are taxed with land included. Furniture or home furnishings which are not part of a furnished rented property are exempt from property tax.
• Property tax is levied on the “assessable value”. Furthermore, Wyoming is known as a “fractional assessment” state where tax is applicable to only a fraction of the property value.  In general, the percentage of property which is subject to tax is 9.5%. By way of example, if the net worth of a property is $100,000, the value subject to tax will only be $9,500 of the total value.
• There is a limit placed on increases in property tax by statutes. In the case of counties, the rate of property tax cannot be increased over 1.2% of the assessable value. With cities and towns, the limit is fixed at 0.8%.  The property tax rate for most governmental purposes is limited by state law.
• There are several exemptions such as property for personal use, pollution control, education, religious purposes and so on.
• There are several property tax relief programs and partial exemptions for certain categories of taxpayers such as veterans and senior citizens.

Wyoming Estate and Inheritance Tax

• Wyoming has no inheritance tax.
• Estate tax is not collected on the estates of decedents who died in 2005 or later.

Where to Mail FEDERAL IRS Tax Forms within Wisconsin: